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Word Count: 770
The topic of my speech is Capitalism has too high a price and while stating the fact I am reminded of what the American humourist and essayist Elwyn Brooks White had said many years ago The trouble with the profit system is that it is highly unprofitable to most people For those among you who may doubt these words let me remind them of what took place in June last year Even though there were just 3000 to 4000 protestors on the streets of London in the melee just two protesters and one policeman were injured This made front page news all over the world It was not the size or the intensity of the protest that made it newsworthy it was the cause of it To coincide with the opening of the G8 summit in Cologne young persons in United Kingdom a home to world capitalism observing a carnival against capitalism The youthful protesters shouted You show me a capitalist I will show you a bloodsucker In capitalism the consumption pattern to which the production system is supposed to adapt itself most efficiently depends not on the wants and tastes of the people not even on what may be socially desirable but on the wants and desires of those who are most powerfully backed by purchasing power Capitalism today is characterised not by perfect competition but by monopoly and this negates all arguments for welfare optimum During the time of the British industrial revolution for example unregulated capitalism played havoc with human life The penetration of capitalism in British agriculture brought about many changes one of which was the migration of peasants to towns for urban employment as it was wont to do in other countries as when they entered the industrialisation era This situation is described poignantly by Oliver Goldsmith in his poem The Deserted Village stanza one of which reads as follows Sweet smiling village loveliest of the lawn Thy sports
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